Verizon to Bid $3 Billion for Yahoo’s Internet Business
Yahoo is now open to offers and reports suggest that multiple companies are looking to acquire Yahoo’s core internet business, and Verizon is believed to be one of those companies.
A new report suggests that Verizon is going to make a second-round bid for Yahoo’s internet business of $3 billion.
Yahoo is expected to hold another round of bidding before it makes a decision.
The Wall Street Journal reports that Verizon is one step closer to acquiring Yahoo’s internet business. It’s reportedly going to submit a second-round bid of $3 billion.
The $3 billion offer Verizon is expected to make next week is lower than the $4 billion to $8 billion bids that Yahoo’s Internet business, which includes its news sites and ad business, reportedly garnered during its initial bid cycle.
The WSJ report says that this is because a sales presentation last month by Yahoo chief executive officer Marissa Mayer revealed that its online business - one of the main reasons Verizon is targeting an acquisition - is slowing. CNBC analyst David Faber, however, has reported that the $2 billion to $3 billion is “lower than the lowest bids” Yahoo has received.
Private equity firm TPG is also reportedly going to submit a bid for Yahoo’s internet business. The report says that once the second-round closes, Yahoo will hold at least one more round of bidding to see which suitor is the best.
Verizon is believed to be in the lead for picking up Yahoo’s business, other contends that dropped out after the first round include Time Inc., Comcast, Google’s parent company Alphabet, IAC, and AT&T.
Read: KPCB’s Mary Meeker 2016 Internet Trends Report
It merits mentioning here that the $3 billion bid that Verizon is reportedly going to submit falls short of the $4 billion to $8 billion bids that Yahoo received during the first round.
Yahoo’s core internet business includes its ad business and news websites, two of its most lucrative properties.
There has been no comment on the matter by either Verizon or Yahoo. It’s unclear when the third round of bidding is going to be scheduled to see who comes out on top.
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